ACC 349 Week 1 Discussion Question 1

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What are some of the key differences between financial and managerial accounting? How do these differences impact the type of information that must be gathered and reported? What are the different types of decisions that users of financial accounting information must make? What are the different types of decisions that users of managerial accounting information must make?

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What is the difference between external and internal pricing? What factors must be considered when setting internal transfer pricing between divisions of a company? What are the different methods of setting internal transfer pricing? Which is the most effective? Why?
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What are some of the advantages and disadvantages of standard costs? How do managers determine what the standard cost should be? Describe the effect of inaccurate standard costs on financial reporting.
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What are the differences between variable and absorption costing? Why is variable costing not allowed for GAAP reporting? Which method is more useful for internal decision-making? Why? As a manager, which would you prefer? Why?
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Use the Internet or other credible resources to find an article relevant to activity-based costing (ABC), job costing, or process costing.
Write a 125-word summary of the article.
Summarize the major topics of the article, and explain what you learned as a result of ..

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What are the differences between a direct cost and an indirect cost? Which is the more difficult cost to track? Why? How do indirect costs affect the cost of a product? Should indirect costs be included in product cost? Why or why not?
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What are some of the key differences between financial and managerial accounting? How do these differences impact the type of information that must be gathered and reported? What are the different types of decisions that users of financial accounting information must make? What are the different ..

1) What does cost accounting measure, record, and report?
2) What is the best way to handle manufacturing overhead costs in order to get the most timely job cost information?
3) At the end of the year, manufacturing overhead has been overapplied. What occu..

Week 1
• Question 1 Segregation of duties
o is a preventive control
o is a detective control
o separates responsibilities for authorizing transactions, recording transactions, and maintaining custody of the related assets
• Question 2 The following cost and inventory data are taken from ..

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Week 5
• Question 1 Huron Company produces a commercial cleaning compound known as Zoom. The direct materials and direct labor standards for one unit of Zoom are given below:
..

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Week 2
• Question 1 The Hartford Symphony Guild is planning its annual dinnerdance. The dinnerdance committee has assembled the following expected costs for the event:
Dinner (per person) $10
Favors and p..

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Q-1
Lehner Corporation has provided the following data from its activity-based costing accounting system:
Indirect factory wages $552,000
Factory equipment depreciation $332,000
Distribution of Resource Consumpti..

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Q-1
Puget Sound Divers is a company that provides diving services such as underwater ship repairs to clients in the Puget Sound area. The company’s planning budget for May appears below:
During May, the company’s activity ..

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You have completed the analysis of ABC and determined whether it is a good option for Jeemp Farms.
Create a 5- to 10-slide presentation with speaker notes for Jeemp Farms management that addresses the following:
• Explain ABC costing and how it is different than traditional costing.
• Explain th..

Mr.Beridon received your requests for information and returned data which you have compiled in an Microsoft® Excel® spreadsheet (see document template). He also said, "We grow sod and trees at Jeemp Farms. We sell the sod mainly to home builders in the area, although we sell to some individuals who ..

Read the following scenario below:
Leighton Beridon owns "Jeemp Farms", located near Weimar, TX. The farm produces pecan trees and sod. He has so many orders from the Houston metropolitan area that he is able to sell all his inventory each year, but he is not netting as much as he has in past years..